Gross revenues for the third quarter were Dhs623 million, up 21 per cent from Dhs512 million a year ago.
Saudi Arabia has become the biggest fuel supplier to Egypt, sending gasoline and gasoil as well as cooking and heating gases like propane and butane.
OPEC’s supply averaged 29.90 million barrels per day, down from a revised 30.01 million bpd in September.
Profit fell to SAR2.853 billion in the three months ended Sept. 30
The company’s sales in the third quarter rose nine per cent to 48.8 billion riyals over the same period in 2012.
IPIC has interests in a number of European-based companies, including Spain’s CEPSA and Austrian oil group OMV.
Officials have called for a collective effort from GCC countries to curb their energy subsidies.
The fuel retailer cancelled a tender seeking 90,000 tonnes of jet fuel for November to December delivery
French utility EDF is spending $26 billion to build two nuclear reactors at Hinkley Point in the UK
The plant, which will generate around 24 million kilowatt hours (kWh) of electricity per year, is the region’s largest photovoltaic facility.
Mohammed Al Hammadi has said the UAE has taken efforts in educating its public about the fundamentals of nuclear energy production.
Repairs at the $10.8 billion facility could stretch well into next year.
The U.S. has witnessed the fastest expansion in production over a four-year period since a surge in Saudi Arabia’s output from 1970-1974.
By unlocking its gas reserves, Saudi Arabia could use the fuel to power its domestic economy and allow more room for oil exports.
OPEC’s September output was the lowest since October 2011, when the group pumped 29.81 million bpd.
The region’s billion-dollar petrochemical industry is growing, but it will need to work harder to stave off US competition.
The event, which takes place once in three years, attracts over 5,000 industry leaders.
The TAQA-operated block is expected to initially produce around 30,000 barrels of oil per day.
An expansion abroad would likely see the state-owned company buying assets abroad.
The U.S. shale boom has already altered the landscape of oil trade.
Saudi Arabia, Kuwait and the UAE are already providing Egypt petroleum products until the end of December
The new joint venture is being set-up with an initial capital outlay of around $8 million.
Dubai-based Noor Investment Group will act as the financial advisor to Dubai’s Supreme Council of Energy on the project
Saudi oil minister Ali Naimi said that work is ongoing in the project, which includes a 400,000 barrels per day refinery.
A formal sale process for the business was initiated earlier this year, sources said
The 350,000-barrel per day oil link between the two countries is expected to be commissioned by the third quarter of 2016
KOC plans to develop the Raqta project on Kuwait’s northern border with Iraq have faced several setbacks.
The company will supply four 720MW steam turbine generator sets for the Shuqaiq power plant.
Qatar agreed in May to donate five cargoes of liquefied natural gas (LNG) to Egypt.
The company has been awarded a turnkey contract by Kuwait National Petroleum (KNPC) to supply two high-voltage substations.